Javier Milei won Argentina’s presidential election after his opponent, Economy Minister Sergio Massa, conceded defeat. Massa’s concession came before the first official results were even announced.
The runoff’s winner will take office Dec. 10 and inherit titanic challenges. Over 40% of Argentines live in poverty, inflation is raging near 150% and the economy is expected to contract again this year. The government has no access to international capital markets and the central bank has effectively run out of money to prop up rickety currency controls.
There’s a palpable concern nationwide about hyperinflation returning after a three-decade hiatus.
Argentina’s runoff vote is a simple, popular vote where only ballots cast for either Massa or Milei will be counted, leaving aside blank or invalid votes. Although voting is obligatory, participation is expected to be low this year with citizens disillusioned by both candidates.
A third of the Argentine population lives in the Buenos Aires metro area, where Massa will need to to gain large margins to offset Milei’s strength in rural areas.
See the Results of the First Round